'Need to stop speaking in English': Paytm Money CEO explains the problem with mutual fund industry
Speaking at Bombay Chamber of Commerce and Industry’s Mutual Fund Conclave on a discussion on the Shifting Regulatory and Business Terrain, Sridhar said, as an industry they should put their money on certain things, first being that they should stop talking in English.
- Nov 10, 2023,
- Updated Nov 10, 2023 2:16 PM IST
Why is the chosen language deployed by the mutual funds industry English, asked Paytm Money CEO Varun Sridhar at a panel discussion on mutual funds. He said that he can never understand why the MF industry primarily uses English, pointing out that it is rather difficult to understand NAV and units and other jargon.
Speaking at Bombay Chamber of Commerce and Industry’s Mutual Fund Conclave on a discussion on the Shifting Regulatory and Business Terrain, Sridhar said, as an industry they should put their money on certain things, first being that they should stop talking in English.
“I think we should stop talking in English. Woh NAV toh kisiko samajh hi nahin aata hai honestly…woh kyun NAV kyun hai…kyun unit hai…(honestly, no one understands NAV, why is it NAV, why is it unit…),” he said.
Addressing AMC CEOs present at the event, Sridhar asked, “Why is our industry in English? I have never understood. You can’t explain it to a Tamilian or a Marathi or a Kannadiga. When we fight at home, we don’t fight in English. Have you ever fought in English? No, right? When you fight or show affection, the language is different. I think the industry needs to flip.”
Sridhar said that as part of the industry what he would do is invest heavily in technology. Giving an example of UPI’s swiftness, Sridhar said that a mutual fund transaction is the only transaction that gives no instant gratification. “Mutual fund is the only transaction, which if you do on Friday, you get your NAV on Monday,” he pointed out.
He also spoke about increasing distributors to reach the goal of 100 million investors.
Sridhar said that he has been asking every AMC CEO when he will get an SIP for Re 1. But the problem with Re 1 of SIP is the cost, he said, adding that the cost of the transaction is too huge.
The Paytm Money CEO said that the company is betting very heavily on young India. “They have far better access to technology. Level of the investor is very very high,” he said.
Also read: PM Modi launches Paytm Payments Bank wallet and transit card for NaMo Bharat stations
Also read: Paytm founder Vijay Shekhar Sharma suggests Elon Musk to create a 'Wikipedia equivalent'
Why is the chosen language deployed by the mutual funds industry English, asked Paytm Money CEO Varun Sridhar at a panel discussion on mutual funds. He said that he can never understand why the MF industry primarily uses English, pointing out that it is rather difficult to understand NAV and units and other jargon.
Speaking at Bombay Chamber of Commerce and Industry’s Mutual Fund Conclave on a discussion on the Shifting Regulatory and Business Terrain, Sridhar said, as an industry they should put their money on certain things, first being that they should stop talking in English.
“I think we should stop talking in English. Woh NAV toh kisiko samajh hi nahin aata hai honestly…woh kyun NAV kyun hai…kyun unit hai…(honestly, no one understands NAV, why is it NAV, why is it unit…),” he said.
Addressing AMC CEOs present at the event, Sridhar asked, “Why is our industry in English? I have never understood. You can’t explain it to a Tamilian or a Marathi or a Kannadiga. When we fight at home, we don’t fight in English. Have you ever fought in English? No, right? When you fight or show affection, the language is different. I think the industry needs to flip.”
Sridhar said that as part of the industry what he would do is invest heavily in technology. Giving an example of UPI’s swiftness, Sridhar said that a mutual fund transaction is the only transaction that gives no instant gratification. “Mutual fund is the only transaction, which if you do on Friday, you get your NAV on Monday,” he pointed out.
He also spoke about increasing distributors to reach the goal of 100 million investors.
Sridhar said that he has been asking every AMC CEO when he will get an SIP for Re 1. But the problem with Re 1 of SIP is the cost, he said, adding that the cost of the transaction is too huge.
The Paytm Money CEO said that the company is betting very heavily on young India. “They have far better access to technology. Level of the investor is very very high,” he said.
Also read: PM Modi launches Paytm Payments Bank wallet and transit card for NaMo Bharat stations
Also read: Paytm founder Vijay Shekhar Sharma suggests Elon Musk to create a 'Wikipedia equivalent'